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Unions, trade groups ‘must take on bigger role’ in driving economy

SINGAPORE — Urging trade associations and chambers (TACs) as well as the unions to play a greater role in the economy, the Committee on the Future Economy (CFE) called on the Government to create an environment for the different partners to “come together and trust one another”.

SINGAPORE — Urging trade associations and chambers (TACs) as well as the unions to play a greater role in the economy, the Committee on the Future Economy (CFE) called on the Government to create an environment for the different partners to “come together and trust one another”.

For example, the Singapore Manufacturing Federation was able to work with the Enterprise Europe Network to launch a centre to facilitate Singaporean companies’ access to technological know-how, intellectual property, as well as partnership opportunities within Europe.

“Our TACS are valuable multipliers, leading industry-level initiatives and supporting enterprises to scale up and make inroads in overseas markets ... More TACs should step forward to lead similar initiatives,” the CFE noted.

“They can tap on the Local Enterprise and Association Development (Lead) programme to do so. It was enhanced in 2016 with Lead+ to help TACs enhance their capabilities,” the CFE added.

Meanwhile, unions must continue to work with enterprises and the Government, move SkillsFuture forward, and care for the well-being of all Singaporeans — especially those who may be more vulnerable in a rapidly changing economy, the committee added.

The Government also has a role to play. The CFE noted that the Government needs to be more nimble, given the rapid pace of innovation and increasing global competition.

A suggestion to cope with this is to design a regulatory environment that supports innovation and risk-taking. The Government should also test regulatory innovations, using regulatory sandboxes, or defined spaces, to enable trials of new products and services in a real-world environment with the appropriate safeguards.

There is also scope to review and reshape Singapore’s tax system, with rising domestic expenditures due to ageing and global changes in tax rules, the CFE noted.

“The Government should maintain a tax regime that upholds two principles: One, our tax system should remain broad-based, progressive, and fair, even as we raise revenues over time to meet rising domestic needs.

“Two, Singapore’s tax regime should remain competitive and pro-growth, for this is vital if we are to sustain innovation and promote a dynamic economy.”

As the economy grows, it is also important to create a sustainable environment.

“Given the threat of climate change, Singapore should play its part in contributing to global efforts to improve environmental sustainability. That way, we can maintain a high-quality living environment in Singapore for generations to come,” said the CFE.

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